Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

NOTE 14 – EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share is computed by dividing net (loss) income by the weighted average number of common shares outstanding, adjusted for weighted average unallocated ESOP shares, during the applicable period. Diluted earnings per share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method. Antidilutive options are disregarded in earnings per share calculations. For the three and nine months ended September 30, 2023, 111,145 and 35,507 shares, respectively were excluded, based on average share price, from the computation of diluted earnings per share ("EPS") because the effect would be antidilutive. For the three and nine months ended September 30, 2022, zero and 182,457 average shares, respectively, were excluded from the computation of diluted EPS because the effect would be antidilutive.

Earnings (loss) per common share for the three and nine months ended September 30, 2023 and 2022 are presented in the following tables.

	Three months ended September 30,
	2023			2022
	(In thousands, except per share amounts)
Net (loss) income	$	(3,641	)	$	124
Weighted shares outstanding for basic EPS
Weighted average shares outstanding		5,976,208			6,271,370
Less: Weighted average unallocated ESOP shares		441,497			461,185
Weighted average shares outstanding for basic EPS		5,534,711			5,810,185
Additional dilutive shares(1)		—			173,056
Weighted average shares outstanding for dilutive EPS		5,534,711			5,983,241
Basic (loss) earnings per share	$	(0.66	)	$	0.02
Diluted (loss) earnings per share(1)	$	(0.66	)	$	0.02

	Nine months ended September 30,
	2023			2022
	(In thousands, except per share amounts)
Net (loss)	$	(4,510	)	$	(172	)
Weighted shares outstanding for basic EPS
Weighted average shares outstanding		5,984,897			6,278,914
Less: Weighted average unallocated ESOP shares		446,388			436,730
Weighted average shares outstanding for basic EPS		5,538,509			5,842,184
Additional dilutive shares (1)		—			—
Weighted average shares outstanding for dilutive EPS		5,538,509			5,842,184
Basic (loss) per share	$	(0.81	)	$	(0.03	)
Diluted (loss) per share (1)	$	(0.81	)	$	(0.03	)

(1) For the three and nine months ended September 30, 2023 and the nine months ended September 30, 2022, the effect of stock options was anti-dilutive due to the net loss and therefore no dilutive shares are included in the weighted average shares outstanding or diluted loss calculations.